Bitcoin (BTC) PriceBTC AnalysisBTCEURBTCGBPbtcusdBTCUSDTCrypto News

Bitcoin Price Analysis: Did BTC Find a Bottom at $53K?

Bitcoin dropped by a sharp 3% today as the cryptocurrency falls to the current $55,000 level. It attempted to break above $60,000 over the weekend but it failed to close a daily candle above $58,355. As a result, BTC slipped from $58,300 yesterday and fell beneath the March ascending trend line to reach as low as $53,700. It rebounded by the end of the day to close the candle at $54,000.
Earlier today, Bitcoin spiked further lower to reach as low as $52,930. Luckily, it found solid short-term support at $54,000, best seen on the 4-Hour charts, and bounced higher from there to climb back above $55,000.
This recent breakdown for BTC might set a short-term bearish trajectory for the coin as it starts to make fresh 2-weeks low.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $52,000, $52,000, $51,500, $50,700, $50,000.
Key Resistance Levels: $55,000, $58,350, $60,000, $61,780, $62,900.
Looking ahead, the first level of support lies at $54,000. This is followed by support at $52,000, $51,500 (.618 Fib), $50,700 (downside 1.272 Fib Extension), and $50,000.
On the other side, the first resistance lies at $55,500. This is followed by $58,350, $60,000 (1.618 Fib Extension), $61,780 (ATH), and $62,900 (1.414 Fib Extension – red).
The RSI has now plunged beneath the midline, indicating short-term bearish momentum within the market. If it continues to drop, the increased bearish momentum will likely drag Bitcoin back toward $50,000.
Luckily, the Stochastic RSI is already extremely oversold, and a bullish crossover signal should help to stall the downtrend.
Bitstamp BTC/USD Daily Chart
BTC/USD Daily Chart. Source: TradingViewBitstamp BTC/USD 4-Hour Chart
BTC/USD 4-Hour Chart. Source: TradingView
Story continues on Crypto Potato

Related posts

Bitcoin Weekly Momentum Indicator Flips Bearish For First Time Since 2020

Bitcoin price is back in the mid-$50,000 range, after several rejections from resistance at above $60,000 per coin. A visit to support levels to test demand much lower might soon become a reality now that a technical indicator measuring momentum…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Fed Chairman Powell Sees Bitcoin As A Substitute For Gold Rather Than The U.S. Dollar

Chairman of the Federal Reserve, Jerome Powell, on Monday reaffirmed his belief that the world’s oldest cryptocurrency is a gold substitute but it is too volatile and is “backed by nothing” for it to replace the U.S. dollar. And it…
Crypto NewsRipple (XRP) PriceXRP AnalysisXRPBTCXRPUSD

Ripple Price Analysis: XRP Eyes $0.60 Following a 30% Weekly Surge

XRP/USD – Bulls Break Back Above 2019 Highs Key Support Levels: $0.5, $0.453, $0.42.Key Resistance Levels: $0.556, $0.588, $0.6. XRP is in full recovery mode after surging by a total of 5.5% today to break the 2019 highs at $0.556…